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Short-term trend turns sideways for corn, live cattle and feeders.
Corn and soybean futures trade on both sides of unchanged overnight but have firmed and are near session highs this morning. Wheat faced followthrough selling overnight.
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Wheat futures led weakness overnight, dragging corn and soybeans lower. Corn and beans remained within Thursday’s range overnight.
Winter wheat futures faced moderate to heavy selling pressure overnight, while milder losses were posted in corn, soybeans and spring wheat.
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Corn, soybeans and wheat each posted corrective gains overnight, with corn leading the way higher. The open has brought selling pressure most of this week, a change of that trend will be key.
Weekly corn sales during the week ended May 30, rose 46% from the previous week and 41% from the four-week average. Meanwhile, new-crop wheat sales topped pre-report expectations by 117,000 MT.
Corn and soybean futures were supported by corrective buying overnight, while wheat pivoted around unchanged.
Basis firmed for corn, soybeans and wheat as cash prices dropped sharply.
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Soybeans posted modest corrective gains overnight while corn and wheat pivoted near unchanged. Sellers have commanded the opens thus far this week, a break from that trend will be key.
Corn, soybeans and wheat held in relatively tight trading ranges during a quiet overnight session.